Feels like im going under!

RAS

Just make sure that your wife doesn't have a second card that might be rejected when she shops. 

Otherwise, sort out your replacement accounts and start building your emergency fund ASAP. 

NiteEyez1980

Hi guys 

It's the only option now as having looked at it all unless we came into money no way it'd get paid off.

Having checked on all the credit sites I've seen that even when somehow we didn't use a cc (extra shifts, etc) on experian my score. Still went down. 

Have never missed 1 payment and yet score keeps going down.

Im starting to think that remortgage tominc debt getting canceled in October was the best thing that could have happened 

SusieT

NiteEyez1980 said:

Have never missed 1 payment and yet score keeps going down.

Im starting to think that remortgage tominc debt getting canceled in October was the best thing that could have happened 

Your score will go down at any change, be it positive or negative, its a made up number and lenders do not see it, they have their own scoring system designed to the client base they are looking to attract, and they will only take account of the history and not the random number that you see. 

That remortgage being declined will have done you a huge favour, you are now seriously attacking the debt and reducing it, long term you will be thankful for that

NiteEyez1980

Hi guys 

Any good letter wording you have had success with? 

EssexHebridean

NiteEyez1980 said:

Hi guys 

It's the only option now as having looked at it all unless we came into money no way it'd get paid off.

Having checked on all the credit sites I've seen that even when somehow we didn't use a cc (extra shifts, etc) on experian my score. Still went down. 

Have never missed 1 payment and yet score keeps going down.

Im starting to think that remortgage tominc debt getting canceled in October was the best thing that could have happened 

As said above, ignore your "score" as the only person who sees those numbers is YOU! The reason for the drop will have been the amount of credit you've been utilising - they mark you down when you are seen as "near the edge" 

You say "unless we came into money" but ironically even if you did it wouldn't fix the problem - a lot of the issue is that you have been spending money you don't have - so just clearing the whole lot in one go with some sort of windfall would clear the problem off on paper, but the overall background causes wouldn't be fixed, so before you knew it you'd be back into debt again. one of the best things about going through the "process" of clearing debt down via a DMP or similar is that you do the groundwork to reach a place of being good with money, and making sure that your income works for you, rather than being on a never ending hamster wheel of working hard, income arriving, and that income immediately going into a black hole of servicing debt. This is where the budget and the more controlled spending/saving pattern comes in.  And yes - you're absolutely correct about the mortgage decline being a good thing - realistically there would have been a very good chance that in 5 years time or even less you could have been in a position of losing your home, had you gone that route.

And echoing others - definitely not a failure - it's an achievement to spot an issue, recognise the problem, and take steps to deal with it. 

diystarter7

OP, you are not alone.
Many are heading your way.
What you are doing here is a very good start to end your concerns and in time I'm sure you
will with help from others to guide you to an easier life.

NiteEyez1980

Can anyone help with the wording?

I've now missed the payment date in a couple 

How long before I respond to them? 

kimwp

Please could you clarify what the wording is for.

Makingabobor2

NiteEyez1980 said:

Can anyone help with the wording?

I've now missed the payment date in a couple 

How long before I respond to them? 

We wrote
straight away. As we started with a SC DMP, we quoted the ref number & told them they'dbe hearing from them with regards payments. We told them we would only accept communication via post or email & we asked if all interest could be stopped, explaining that as we had little or no chance of clearing the debt any time soon, adding interest was just making it worse. I said there was no chance of us having more income in the future & the worry of it was making me stressed.  

NiteEyez1980

It was just to see if everyone wrote back after they missed or waited to respond.

I want to default the account and then make. Reduced payments based on their offer